Multi-process print finishers Celloglas has been bought by a consortium of trade finishers, acquiring its business and assets, following an accepted offer from RSM UK Restructuring Advisory LLP, a provider of audit, tax, and consulting services. This will result in a range of postpress services becoming available for customers nationwide.
Dara Changizi, a personal investor in this venture and also director of ACA, a large packaging postpress specialist in Glasgow, said, ‘I see strong synergies for our respective companies moving forward. By working together, we become a stronger and more sustainable operation with reduced overheads, a broader spread of services and expertise to support customers.’
With sites in Leeds, Leicester, and Reading, adding to ACA’s a base in Glasgow, Celloglas is established in coatings, lamination, foiling, die-cutting and folder make up. ACA can supplement these services with over 70 different processes, not least folder glueing, nested tray production and our sterile BRCGS unit. ACA will also be able to supply Celloglas with dies and formes to reduce its costs. This is an important, skilled, and growing side of the business.
The deal means that all equipment and intellectual property, including the Mirri brand, will be retained.
Dara Changizi, Ian Fergusson and Richard Pinkney will all be stakeholders and directors of the new Celloglas and all 74 staff look set to remain.
Richard Pinkney explained, ‘The losses sustained, and the borrowings raised just to get the business through the pandemic, followed by a tripling of energy costs in late 2023 and a hike in the cost of living, put Celloglas in an impossible position. We reduced headcount by 20% during Covid, sold surplus plant and attempted to refinance the business. However, once it became clear that refinancing was not a viable option and our bank could offer no further support, we had no choice but to engage RSM and look for new investors.’
Ian Fergusson added, ‘Specialist finishing trade companies are still needed and by adapting and offering the widest range of services and more ecological solutions we believe our future now looks very bright.’
